Creating peace of mind through honest and committed management.

May 9, 2013
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Minoru Ishihara, Executive Vice President & Statutory Executive Officer
Tel: 03-3502-4891

Issuance of New Investment Unitsand Secondary Offering of Investment Units
Ichigo Real Estate Investment Corporation (“Ichigo REIT”)’s Board of Directors has resolved toissue new investment units and carry out a secondary offering of investment units(over-allotment), as follows.

1. Issuance of New Investment Units through Public Offering(1) Number of investment units to be offered:

90,000 units(2) Paid-in amount (issue amount):

The amount shall be determined at a Boardof Directors meeting held between May 20,
2013 and May 23, 2013 (the “Pricing
Date”).

(3) Total paid-in amount (total issue amount):

To be determined(4) Offering method:

The investment units shall be offered as apublic offering and underwritten in full by
SMBC Nikko Securities Inc. (“LeadManager”) as well as by Daiwa Securities
Co. Ltd. and Mitsubishi UFJ Morgan
Stanley Securities Co., Ltd.
(“Underwriters” collectively with Lead
Manager). The issue price of the public
offering shall be calculated by multiplying
the closing price of Ichigo REIT’s
investment unit (the “Investment Unit”) on
the Tokyo Stock Exchange (“TSE”) on the
Pricing Date (or the closing date on the day
preceding the Pricing Date in the event there
is no closing price) by a factor of 0.90~1.00(amounts less than ¥1 omitted), and shall be
determined in consideration of demand andother factors.

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the issuance of new investment units and secondary offeringof investment units by Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to theInvestment Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

1(5) Underwriting agreement:

The Underwriters shall pay Ichigo REIT the
total paid-in amount on the “Payment date(8)” below. The difference between the issue
price total and the paid-in total shall be theUnderwriters’ proceeds. Ichigo REIT will
pay no commission to the Underwriters.

(6) Subscription period:

May 21, 2013 to May 22, 2013
Subject to demand and other factors, thesubscription period may be postponed, inwhich case the latest subscription period
shall be May 24, 2013 to May 27, 2013.

(7) Subscription unit:

One unit or more in single unit multiples(8) Payment date:

May 27, 2013
Subject to demand and other factors, thepayment date may be postponed, in whichcase the latest payment date shall be May 30,
2013.

(9) Delivery date:

Next business day after the payment date (8)as described above.

(10) The issuance price, the paid-in amount, and other necessary items relating to the issuanceof new investment units shall be decided at a future Board of Directors meeting.
Amendments before such determination shall be delegated to Statutory Executive
Officers.
(11) The aforementioned items shall be subject to the effectiveness of the Securities
Registration Statement in accordance with the Financial Instruments and Exchange Act ofJapan.
2. Secondary Offering of Investment Units (Over-Allotment)(1) Seller:

SMBC Nikko Securities Inc.

(2) Number of investment units to be offered:

9,000 units
These units are the maximum number ofinvestment units to be offered through thesecondary offering (over-allotment).
Depending on demand and other factors,
there may be cases where this number isreduced or the secondary offering(over-allotment) itself is not held at all. The
number of investment units to be offeredthrough the secondary offering shall be
determined on the Pricing Date.

(3) Offer price:

The offer price will be determined on the
Pricing Date and shall be the same as theissue price for the public offering.

(4) Total offer price:

To be determined

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the issuance of new investment units and secondary offeringof investment units by Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to theInvestment Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

2(5) Offering method:

SMBC Nikko Securities Inc. shall offer theInvestment Units borrowed from theunitholders of the Investment Corporation.

(6) Subscription period:

Same as the subscription period for the
public offering as described in section 1. (6)above.

(7) Subscription unit:

One unit or more in single unit multiples(8) Delivery date:Same as the delivery date for the public
offering as described in section 1.(9) above.

(9) The offer price and other items necessary for the Over-Allotment shall be determined at afuture Board of Directors meeting. Amendments before such determination shall bedelegated to Statutory Executive Officers.
(10) Each of the aforementioned items shall be subject to the effectiveness of the filing of the
securities registration statement in accordance with the Financial Instruments andExchange Act of Japan.
3. Issuance of New Investment Units to be Offered by Way of Third-Party Allotment(1) Number of investment units to be offered:

9,000 units(2) Third party allottee and number of investment units to be issued to the third party:
SMBC Nikko Securities Inc. 9,000 units(3) Paid-in amount (issue amount):

The paid-in amount shall be determined on
the Pricing Date at the Board of Directors
meeting and shall be same as the paid-in
amount for the public offering.

(4) Total paid-in amount (total issue amount):

To be determined(5) Subscription period (Subscription date):

June 25, 2013(6) Subscription unit:

One unit or more in single unit multiples(7) Payment date:June 26, 2013(8) The paid-in amount and other items necessary for the Third-Party Allotment shall be
determined at a future Board of Directors meeting. Amendments before suchdetermination shall be delegated to Statutory Executive Officers.
(9) If there are no subscriptions for all or a part of the investment units on or before thesubscription period described in (5) above, the issuance of such investment units shall becanceled.
(10) If the public offering is suspended, the issuance of new investment units by way ofthird-party allotment (the “Third-Party Allotment”) shall also be suspended.
(11) Each of the aforementioned items shall be subject to the effectiveness of the filing of the
securities registration statement in accordance with the Financial Instruments andExchange Act of Japan.

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the issuance of new investment units and secondary offeringof investment units by Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to theInvestment Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

3<Reference Information>
1. Details of the Secondary Offering (Over-Allotment)
Taking into account demand as well as other factors, SMBC Nikko Securities Inc. may
implement a secondary offering of the Borrowed Investment Units (up to a maximum of 9,000
units) borrowed from unitholders of the Investment Corporation. Depending on demand as wellas other factors, the number may decrease or the secondary offering through over-allotment
itself may not be held at all.
In order for SMBC Nikko Securities Inc. to acquire the Investment Units needed to return the
Borrowed Investment Units upon the secondary offering through over-allotment, the Investment
Corporation’s Board of Directors have has resolved to issue the 9,000 Investment Units via theThird-Party Allotment, with SMBC Nikko Securities Inc. as the allottee and the Payment Datedesignated as June 26, 2013.
In order to return the Borrowed Investment Units, SMBC Nikko Securities Inc. may alsopurchase the Investment Units up to the number of units for the secondary offering(over-allotment) at the TSE (the “syndicated cover transaction”) from the day following theclose of the subscription period for the public offering and the secondary offering(over-allotment) to June 21, 2013 (the “syndicated cover transaction period”). All of theInvestment Units purchased by SMBC Nikko Securities Inc. through the syndicated covertransaction shall be used to return the Borrowed Investment Units. At its own discretion, SMBC
Nikko Securities Inc. may choose not conduct the syndicated cover transaction or ends the
syndicated cover transaction with a total of Investment Units that is smaller than the number of
Investment Units offered through the secondary offering (over-allotment).
Moreover, SMBC Nikko Securities Inc. may conduct stabilizing transactions with relation to the
public offering and the secondary offering (over-allotment). The Investment Units purchased
through such stabilizing transactions may be used, in whole or in part, to return the Borrowed
Investment Units.
SMBC Nikko Securities Inc. intends to agree to the Third-Party Allotment in order to acquire
the necessary Investment Units to cover the number of Units obtained by subtracting a) the
Units purchased through the stabilizing transactions and the syndicated cover transaction thatare used to return the Borrowed Investment Units from b) the Investment Units for thesecondary offering (over-allotment). As a result, there may be cases in which there will be no
subscription either in whole or in part to the Investment Units offered by the Third-Party
Allotment and, accordingly, the final number of Investment Units issued by way of theThird-Party Allotment will decrease due to forfeiture of rights or such issuance itself will nottake place at all.
Whether or not the secondary offering through over-allotment will be conducted as well as thenumber of Investment Units to be offered shall both be decided on the Pricing Date. In casethere is no secondary offering through over-allotment, SMBC Nikko Securities Inc. shall notborrow the Investment Units from the unitholders. Subsequently, there will be no subscription
to the Investment Units offered by the Third-Party Allotment and, accordingly, the Investment
Units shall not be issued by the Third-Party Allotment due to forfeiture of rights. Further, there
will be no syndicated cover transaction on the TSE.
2. Change in Number of Investment Units Outstanding After Issuance of New Investment Units
Total number of Investment Units outstanding at present:

842,823 units

Number of increased Investment Units through public offering:

90,000 units

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the issuance of new investment units and secondary offeringof investment units by Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to theInvestment Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

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Total number of Investment Units outstanding after public offering:

932,823 units

Number of increased Investment Units by way of the Third-Party Allotment: 9,000 units (Note)
Total number of Investment Units outstanding after the Third-Party Allotment: 941,823 units (Note)(Note) The number is based on the assumption that SMBC Nikko Securities Inc. subscribes toall the Investment Units issued by the Third-Party Allotment and that all such units areissued.
3. Reason and Purpose for New IssuanceAs part of Stage II of its Growth Strategy to grow its dividend for its unitholders, Ichigo REIT
has sought to acquire high-quality assets via a public offering and new debt financing. (Thedetails of debt financing will be announced as soon as they become available.)
Ichigo REIT will acquire three assets as announced in today’s release “Acquisition of Portfolio
Assets (Ichigo Akihabara North Building, Ichigo Sakaisuji Honmachi Building, and Konami
Sports Club Izumi Fuchu).”
4. Amount of Funds to be Procured, Use of Proceeds, and Scheduled Expenditure Date
(1) Amount of funds to be procured (approximate net proceeds): 6,299 million yen (maximum)(Note) The above-mentioned amount represents the sum of 5,727 million yen in net
proceeds the Investment Corporation will receive from the public offering and the
maximum amount of 572 million yen the Investment Corporation will receive from theissuance of new investment units from the Third-Party Allotment. This sum is an
estimate based on the closing price of the Investment Units in a regular trading session
at the TSE as of April 23, 2013.
(2) Specific use of the funds to be procured and the scheduled expenditure date
The Investment Corporation plans to use the net proceeds it will receive from the public
offering for the acquisition of the assets specified in the concurrent release “Acquisitionof Portfolio Assets (Ichigo Akihabara North Building, Ichigo Sakaisuji Honmachi
Building, and Konami Sports Club Izumi Fuchu).” Furthermore, the maximum amount ofproceeds (572 million yen) the Investment Corporation will receive from the Third-Party
Allotment will be used for part of the miscellaneous expenses incidental to theacquisitions. Any remaining funds will be kept as cash-on-hand and be used for future
debt repayment.
5. Designated Destination of Distribution
None
6. Future Outlook
Please refer to today’s release “Revision of Earnings and Dividend Forecast for the April 2013
Fiscal Period and Earnings and Dividend Forecast for the October 2013 Fiscal Period.”

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the issuance of new investment units and secondary offeringof investment units by Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to theInvestment Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

57. Financial Results of the Past Three Fiscal Periods and Status of Equity Financing, Etc.
(1) Financial results of past three fiscal periods (Note 1)
October 2011
Net Income/Loss per Unit

1,031 yen (Note 3)

Dividend per unit

October 2012

20,275 yen-624 yen

7,220 yen 1,219 yen (Note 4) 1,387 yen (Note 4)
100.0%

6.0%－

66,251 yen (Note 3)

62,390 yen

60,547 yen

Payout Ratio (Note 2)
Net Assets per Unit

April 2012

(Note 1) The above-mentioned number of investment units issued during the last three fiscal
periods increased from 32,700 units as of the end of the October 2011 Fiscal Period
to 842,823 units as of the end of the April 2012 Fiscal Period due to the merger andthe unit-split between FC Residential Investment Corporation and the former Ichigo
Real Estate Investment Corporation.
(Note 2) The payout ratio has been rounded down to the first decimal place.
(Note 3) Ichigo REIT implemented a 7 for 1 unit split on November 1, 2011. The Net Income
per Unit and Net Assets per Unit are calculated based on the assumption that the unit
split was effective during the October 2011 period.
(Note 4) The dividends of 501 million yen for the fiscal period ending April 2012 and 1,695
million yen for the fiscal period ending October 2012, equivalent to the extraordinary
loss from the asset sales and the one-off refinancing expenses incurred during thecurrent fiscal period and the fiscal period ending October 2012, are distributed using
the negative goodwill of 16,562 yen incurred for the fiscal period ending April 2012
in order to maintain stable dividend distribution.
(2) Recent status of investment unit price(i) Status in the last three fiscal periods(yen)
October 2011

April 2012

(Note 2)

(Note 2)October 2012

Opening Price

282,800

33,50035,900Highest Price

284,900

37,25042,650

Lowest Price

192,600

25,31033,600

Closing Price

255,500

36,25042,650(Note 1) The opening price, the highest price, and the lowest price are described based on theclosing price of the Investment Units in a regular trading session at the TSE.
(Note 2) Ichigo REIT implemented a 7 for 1 unit split on November 1, 2011. The highest
price, the lowest price, and the closing price for the Fiscal Period ending October
2011 are described by multiplying by seven to obtain the investment unit price perunit for ex-rights.

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the issuance of new investment units and secondary offeringof investment units by Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to theInvestment Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

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(ii) Status in the last six months(yen)
DecemberJanuary

February

March

April

May

2012

2013

2013

2013

2013

2013

Opening Price

43,85048,50056,30057,20065,50063,300Highest Price

46,90055,80056,40069,00070,70063,300

Lowest Price

42,90047,30053,80056,10063,40061,800

Closing Price

46,90055,80056,40069,00063,80063,100(Note 1) The opening price, the highest price, and the lowest price are described based on theclosing price of the Investment Units in a regular trading session at the TSE.
(Note 2) The unit price for May 2013 is as of May 8, 2013.
(iii) Investment unit price on the business day preceding the resolution day of the issuance(yen)
May 8, 2013
Opening Price

62,200Highest Price

63,100

Lowest Price

62,100

Closing Price

63,100(3) Status of equity financing conducted in the past three fiscal periods
None
8. Restrictions on Sale and Additional Issuance of Investment Units, Etc.
(1) Ichigo Trust Pte. Ltd., Ichigo Asset Management, Ltd., and Ichigo Real Estate Investment
Advisors Co., Ltd., who hold investment units amounting to 404,486, 1, and 1,400 units,
respectively, have agreed with the Lead Manager that they will not sell, transfer, pledge
as collateral, or lend to any other party or otherwise dispose of the Investment Units theyown, except for lending them to support the secondary offering (Over-Allotment) during
the period starting from the Pricing Date to a date 45 days from the delivery date, without
prior written consent from the Lead Manager.
(2) Ichigo REIT has agreed with the Lead Manager not to engage in the issuance of theinvestment units and certain other transactions without the prior written consent of theLead Manager during the period starting from the Pricing Date to the date 90 days fromthe delivery date (excluding the public offerings, the Third-Party Allotment, and theissuance of investment units through dividing into equal units, and certain otherexceptions).
(3) For either (1) or (2) above, the Lead Manager retains the right to terminate a part or all of
the aforementioned agreement under its own discretion during the restriction period
thereof or to shorten the restriction period thereof.
Website of Ichigo REIT: www.ichigo-reit.co.jp/english
Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the issuance of new investment units and secondary offeringof investment units by Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to theInvestment Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

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